Right now Bitcoin still has the same inherent instability that allowed speculators to create the huge bubble back in June and until it manages to stabilize itself I can’t see getting past the technical novel stage. Whether it’s capable of doing this I can’t comment on as whilst it’s a technically elegant solution economically the challenges it faces are quite large and I’m not sure they have a simple solution.

This resurgence of value has caught the attention of media outlets like Ars Technica, in an article cross-posted in Wired Magazine, Timothy B. Lee argues that Bitcoin could be a threat to international money exchanges like Western Union, but couldn’t possibly be a proper currency in-of-itself.

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Bitcoin still has a long way to go and claims about its eventual power will only draw blood with serrated speculation.

We remain fascinated by this digital underground currency and the endearing subculture of dollar-distrusting libertarians, cryptography geeks, and earnest entrepreneurs that's blossomed around it. There's been a lively debate in the blogosphere about whether Bitcoin poses a serious threat to the established monetary and banking order and what value it brings to those who use it.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.

"Since Bitcoin has no central repository it’s more like digital cash, used to exchange value anonymously. Critics ask how long that anonymity will last."

what the hell does that mean.

"Think of the entire internet as an app, circumscribed by a persistent Facebook login and punctuated with Pay icons"

No.. that's just stupid.

"Bitcoin and Ven haven’t even scratched the surface of what’s possible with online payments. With a ready user base of 800 million users, Facebook may be about to change the way online financial transactions are thought about and conducted. "

yeah right. bitcoin underlying protocol can do shit we havent even dreamed or ever thought possible. sky is the limit!

"Since Bitcoin has no central repository it’s more like digital cash, used to exchange value anonymously. Critics ask how long that anonymity will last."

what the hell does that mean.

"Think of the entire internet as an app, circumscribed by a persistent Facebook login and punctuated with Pay icons"

No.. that's just stupid.

"Bitcoin and Ven haven’t even scratched the surface of what’s possible with online payments. With a ready user base of 800 million users, Facebook may be about to change the way online financial transactions are thought about and conducted. "

yeah right. bitcoin underlying protocol can do shit we havent even dreamed or ever thought possible. sky is the limit!

The idiocy in that article is overwhelming! It basically said:Online currencies from good to bad:1. Facebook credits! Give 30% of your money to Facebook for a DB update and make your spending habits public!2. Ven: the establishment loves it3. Bitcoin. It sucks because

"Since Bitcoin has no central repository it’s more like digital cash, used to exchange value anonymously. Critics ask how long that anonymity will last."

what the hell does that mean.

"Think of the entire internet as an app, circumscribed by a persistent Facebook login and punctuated with Pay icons"

No.. that's just stupid.

"Bitcoin and Ven haven’t even scratched the surface of what’s possible with online payments. With a ready user base of 800 million users, Facebook may be about to change the way online financial transactions are thought about and conducted. "

yeah right. bitcoin underlying protocol can do shit we havent even dreamed or ever thought possible. sky is the limit!

If someone started a blog dedicated to ripping into the media's ignorance on bitcoin I would read it everyday. Maybe I should start ripping into this poorly written article on my own blog.

Anyways, in keeping up with the spirit of this thread here is another link: